Church Street, Brighton shop sells for $1.3 million at auction

A retail property in the heart of Melbourne's popular shopping district Brighton has fetched $1.3 million at auction.

Three bidders battled it out for Shop 1, 72-74 Church Street, with the end buyer being a local resident. 

The property is used for the sale of stationery and printing services and consists of a single-level brick building of about 127 square metres. It also includes a mezzanine office area accessed via internal staircase. The sale is subject to a new 5+5+5-year lease from January 2014 to established business Bizworks, returning $60,000 plus outgoings and GST.

Fitzroys senior associate Mark Talbot was the selling agent.

“In comparing the recent sale of 46a Church Street, which sold for $3.2 million on a yield of 2.6%, this sale presented excellent value and future growth,” he said.